One of the 'scarier' quotes I found in the report is related to savings and job loss:
"50% of Americans say they could not meet their financial obligations for more than a month — and, of that, a disturbing 28% couldn’t support themselves for more than two weeks of unemployment."
With concerns about job loss at an all-time high, Americans are putting a premium on protection and stability. Across generations, eight in ten say having a personal safety net will be more important this year than last. Despite this, nearly three-quarters (74%) of the public — and 81% of GenXers — admit to not having an adequate safety net.Why is this important for the work we do here at the Center? It's obvious that, despite the fact that Minnesota is FAR ahead of the curve in its response to the crisis, the foreclosure issue is NOT going away any time soon. AND, in this current market, it's even MORE important to understand the financial aspect of homeownership - before you buy your first home.
If you are worried about making a future house payment, whether do to job loss or any other reason, please contact one of the Center's Foreclosure Prevention Specialists ASAP.
If you are thinking about buying your first home, and want to make sure that you understand all the economic aspects of homeownership - including how much home you can really afford, how to prepare a household budget and understanding the TRUE costs of homeownership, please join a Home Stretch workshop or speak with one of our Pre-Purchase counselors.